The pharmaceutical excipients market size in Latin America was worth USD 0.91 billion in 2023 and is estimated to grow at a CAGR of 6.52% to reach USD 1.25 billion by 2028.
The increasing burden of chronic diseases and growing prominence on superior pharmaceutical products, biosimilars, and generics that lead to the growing stipulation for novel excipients are driving the growth of Latin American Pharmaceutical Excipients. In addition, increasing the concentration of major manufacturing industries on expenditure in the healthcare sector, rising demand for drug delivery, and growing stipulation for biological drugs due to immediate effects, among others, further boost the market growth. Accessibility of high-quality raw materials and excipients and the uptake of multifunctional excipients is also propelling the Latin American pharmaceutical excipients market growth during the forecast period.
Growing strict regulations regarding the approvals for drugs and excipients, among the cost and the time-intensive drug development process, are expected to obstruct the market growth during the review period. Reducing research and development investments and raising quality compliance are those factors responsible for restraining the market growth during the period. In addition, the cost associated with the production is so expensive that pharmaceutical companies cannot afford it, and strict government regulations are likely to limit market growth during that period.
This research report on the Latin American pharmaceutical excipients market has been segmented and sub-segmented into the following categories:
By Formulation Type:
Regionally, Latin America remains a lucrative market because of the untapped resources in manufacturing facilities and the massive number of patients. However, emerging players in this market are giving stiff competition to the top 10 players, who occupy almost 70% of the total market. It can be attributed to the rapid growth of the market and its opportunities in developing countries.
The Mexican pharmaceutical excipients market is expected to dominate the Latin American pharmaceutical excipients market with a significant share of this region, followed by Argentina. Mexico has become a captivating terminus for investing in the pharmaceutical industry, which owes to the improved regulatory framework. In addition, the vast number of pharmaceutical industries and consumption capacity are significant factors supporting the market in this country.
The pharmaceutical excipients market in Argentina is expected to grow with the highest CAGR during the analysis period. The growth of the pharmaceutical excipients market is due to factors like increasing manufacturing, utilization of pharmaceutical products, and many internal pharmaceutical producers,o growing expenditure towards the pharmaceutical companies, and even growing investments made by the governmental organizations.
KEY MARKET PLAYERS:
Companies playing a key role in the Latin America pharmaceutical excipients market profiled in the report are Ashland Inc., AkzoNobel, Archer Daniels Midland Company, Associated British Foods PLC, BASF SE, Colorcon, Inc., Croda International PLC, Evonik Industries AG, FMC Corporation, Innophos Holdings Inc., J.M. Huber Corporation, Merck Millipore, Roquette Group, The DOW Chemical Company, and Lubrizol Corporation.
The pharmaceutical excipients market in Latin America was valued at USD 0.86 billion in 2022.
Factors such as increasing demand for generic drugs, rising investments in the pharmaceutical industry, and the growing prevalence of chronic diseases among Latin American countries are promoting the market growth.
Brazil, Mexico, Argentina, Chile, Colombia, Peru, and others are included in the Latin American pharmaceutical excipients market report.
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